Press Import prices in March 2022: +31.2% on March 2021

Press release No. 183 of 29 April 2022

Import prices, March 2022
+31.2% on the same month a year earlier
+5.7% on the previous month

Export prices, March 2022
+15.9% on the same month a year earlier
+4.0% on the previous month

WIESBADEN – Import prices were 31.2% higher in March 2022 compared with March 2021. A higher change on the previous year had last been recorded in September 1974 during the first oil crisis (+32.6% from September 1973). The year-on-year rate of change had been +26.3% in February 2022 and +26.9% in January 2022, according to the Federal Statistical Office (Destatis). Compared with February 2022, import prices were up by 5.7% in March 2022. The current data are beginning to reflect the impact of the war in Ukraine.

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High price increase mainly caused by the development of energy prices

In March 2022 energy imports were 160.5% more expensive than in March 2021. The largest influence on the year-on-year rate of the energy price increase had natural gas with a plus of 304.3%, followed by crude oil with a plus of 81.3%.

The index of import prices, excluding crude oil and mineral oil products, increased by 26.6% in March 2022 compared with March 2021 and in comparison with February 2022 it rose by 4.1%.

Change of export prices in March 2022

The index of export prices was 15.9% higher in March 2022 than in March 2021. A greater change on the previous year had last been seen in November 1974 during the first oil crisis (+16.8% from November 1973). In February 2022 and January 2022, the year-on-year rate of change had been +12.4% and +11.9%, respectively.

The import prices form part of the Crisis Monitor (www.destatis.de/krisenmonitor), by means of which the Federal Statistical Office compares the development of major short-term indicators in the Covid-19 crisis and the financial and economic crisis of 2008/2009. Import prices are also provided on the Corona statistics webpage (www.destatis.de/corona) together with other indicators that can be used to assess the economic consequences of the Covid-19 pandemic.

More detailed data and long time series are available in tables Index of import prices (61411-0002 and 61411-0006) and Index of export prices (61421-0002 and 61421-0006) in the GENESIS-Online database.

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